What is an Indiana Public Adjuster Bond?
Learn about the importance of this surety bond to public adjusters in Indiana!
The surety bond is a requirement for persons who are applying for a public adjuster certificate of authority issued by the Commissioner of Insurance of the State of Indiana.
Its purpose is to guarantee that the public adjuster will advise or assist the insured in the adjustment of claims by the relevant statutes.
Also, if the public adjuster commits misconduct, the person who has been injured by the act will be financially compensated through the surety bond.
Aside from the surety bond, the applicant must also submit a completed public adjuster application form and an annual certificate of authority fee.
The surety bond requirement is by Section 27-1-27-4 of the Indiana Code.
What is the Public Adjuster Bond amount?
The bond amount is $10,000.
If you have a stellar credit score, you will be eligible for a low bond premium. Bond premium starts at $100.
How can I get a Public Adjuster Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process, such as your credit score.
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of Indiana.
- The surety bond should be made payable to the State of Indiana.
- The surety bond should be written in a form that is approved by the Commissioner of Insurance of the State of Indiana.
- The licensed public adjuster is obligated to comply with Section 27-1-27-4 of the Indiana Code, as well as the rules and regulations of the Department of Insurance of the State of Indiana.
- If the licensed public adjuster violates any of the provisions and rules resulting in another person’s injury, the Obligee of the surety bond will be eligible to file a claim against the bond.
Ready to apply? Contact us now!